Software giant Figma's shares plunged Thursday after it published its first quarterly report as a publicly traded company, with its CEO claiming he wasn't trying to be Strategy boss Michael Saylor with regard to its Bitcoin holdings. 

Nasdaq data shows that Figma (FIG) was down nearly 20% Thursday afternoon, one hour ahead of the closing bell, with shares priced at $54.56. Shares reached a high of $122 at the beginning of August, just days after the company went public on the NYSE. 



The drop came after earnings on Wednesday showed that the software company's revenue grew 41% year-over-year to $249.6 million, slightly higher than expected. 

Adjusted operating income for 2025 is expected to be $88 million to $98 million, compared with an average projection of $88 million, the firm said. 

The company said in July that it had been holding onto a multi-million-dollar Bitcoin investment for more than a year via a Bitcoin ETF, at the time valued at close to $70 million. 

But in an interview with CNBC, the software firm said that it wasn't trying to be like Strategy—formerly MicroStrategy—which is now the largest corporate holder of Bitcoin. 

"This is not a Bitcoin holding company,” CEO Dylan Field was quoted as saying. “It's a design company."

Figma has bought Bitcoin as a diversification hedge rather than following in the footsteps of Bitcoin treasuries—companies that buy and hold the crypto to pump their stock.

Still, the software giant said it would buy more Bitcoin back in July, and a Wednesday filing with the SEC showed that it had nearly $91 million in the crypto. 

Founded in 2012, Figma began as a browser-based interface design tool and has grown into a widely used platform for cross-functional product teams.

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